More LGPS news – Page 11
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News
Looming exit payment cap puts extra strain on LGPS funds
A cap on exit payments for public servants could be in place as soon as the end of the year after the Treasury laid down draft regulations in July, but it may have serious consequences for local authority pensions.
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NewsGovernment ponders solutions to £17bn McCloud problem
The Treasury has set out two proposals for ending the discrimination between scheme members that resulted from its 2015 public sector pension reforms, with costs of unwinding its scheme changes estimated to cost £17bn.
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LGPS faced with huge McCloud admin challenge
On the go: Local Government Pension Scheme administering authorities urgently need to carry out impact assessments to clarify how many of their members fall under the scope of the McCloud judgment, according to Aon.
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NewsData poses difficulties to Surrey admin outsourcers
A London borough branch of the Local Government Pension Scheme is to bring its administration back in-house from 2021, as current outsourced provider Surrey County Council continues to struggle with legacy data issues across its client base.
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Lockdown spikes fears of democratic deficit in LGPS
As the Covid-19 crisis unfolds, there could be a worrying governance and democratic deficit in some local authority pension schemes, with only 27 per cent of councils having virtual pension committee meetings.
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Brunel achieves carbon intensity reduction target
Brunel Pension Partnership has achieved its target of reducing the carbon intensity of its active portfolio by 7 per cent a year in time for the UN’s World Environment Day, but smaller schemes saddled with pooled products may lack the clout required to emulate them.
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News
LGPS has £2bn invested in alleged ‘illegal Israeli settlement’ companies
Thirty-three Local Government Pension Scheme funds retain investments worth more than £2bn in arms manufacturers and in companies accused of supporting illegal Israeli settlements, as some of these schemes opt for engagement instead of divestment.
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LGPS prepared for lower investment return in 2020
On the go: While the Local Government Pension Scheme had a return of 6.2 per cent in 2019, its advisory board is monitoring the current market turmoil closely and is prepared for a downturn in 2020.
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News
‘Rule-taking’ TPR unable to further ease LGPS cash flow issues
On the go: The Pensions Regulator has cautioned local authority defined benefit schemes that it does not have the power to waive responsibilities such as collection of contributions, as some pension boards begin to worry about cash flows.
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LGPS cash flow problems mount as Covid-19 crisis continues
A number of local government pension schemes face cash flow problems as a result of the coronavirus crisis, according to a recent survey.
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News
Supreme Court lifts ban on political investments by local council pensions
On the go: Local council pension schemes can now invest against the government’s foreign policy, after the Supreme Court ruled a ban on politically motivated boycotts was unlawful.
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News
McCloud: Civil servants to choose between old and new schemes
On the go: Members of public sector pension schemes who were victims of discrimination will be allowed to choose whether they accrued service in the old or new schemes, the government announced on Wednesday.
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Northumberland and Tyne and Wear schemes plan merger
The government is planning to merge the Northumberland County Council Pension Fund into the Tyne and Wear scheme, in a move that would generate savings of up to 12 per cent a year.
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News
Cheshire Pension Fund questions members on investments and ESG
The £5.8bn Cheshire Pension Fund is gauging the views of its members and participating employers on its investment strategy and environmental, social and governance policy.
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OpinionPublic sector pensions on the brink of madness
If the current conundrum with discrimination issues in the public sector pension schemes were a work of fiction, no one would believe it.
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News
Local authorities to have ‘absolute discretion’ on LGPS exit credits
On the go: Local authorities will have “absolute discretion” in determining the amount of any exit credit payment due to employers in the Local Government Pension Scheme, the government has said.
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News
Prospect joins calls for public pensions benefits top-ups
On the go: Prospect is the latest union to join calls urging the government to deliver on promised benefit top-ups to public-sector schemes, which were paused due to a discrimination court case.
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News
Barnet sacks Capita and joins LGPS shared arrangement
The London Borough of Barnet has ended its contract with outsourcer Capita as the administrator of its pension scheme after a litany of breaches and scandals while it oversaw the Local Government Pension Scheme section.
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News
Contractor takes local authority to court over LGPS exit payment
A Manchester-based waste management company has brought a claim to the High Court against Tameside Metropolitan Borough Council over an alleged £13m exit credit due from the Local Government Pension Scheme.
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News
Hertfordshire LGPS employer agreement sidesteps cessation debt
A housing association has avoided a potentially crippling £3m cessation debt to the Local Government Pension Scheme via an innovative agreement with the scheme’s local administering authority.